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What is Sei?

What is Sei?

Uncover the potential of Sei Network's Layer 1 blockchain, tailored for high-speed digital transactions and powered by a parallelized EVM.

Summary: Sei Network, a Layer 1 blockchain optimized for high-throughput, is advancing to V2, integrating a parallelized Ethereum Virtual Machine (EVM) for backward compatibility and a sophisticated SeiDB storage solution.

V2 differentiates itself by simplifying transaction parallelization and enhancing storage efficiency, ensuring scalability and reducing developer friction. This transition underscores Sei's focus on speed, security, and developer-centric innovation in the blockchain domain.

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What is Sei Network?

Sei is a state-of-the-art Layer 1 blockchain, optimized for digital asset exchange with a broad application range, including DeFi, gaming, social media, and NFTs. Its standout feature is its unparalleled speed, driven by advanced consensus mechanisms, making it a versatile and efficient platform in the digital transaction domain.

Central to Sei's innovation is its ability to address the Exchange Trilemma, balancing decentralization, scalability, and capital efficiency. This is achieved through a trading-centric architecture, enabling Sei to emerge as a vital infrastructure for Web3 applications and digital asset exchanges.

A key differentiator for Sei is its parallelized EVM (Ethereum Virtual Machine) capability, allowing for high throughput and rapid finality. This feature, along with its twin-turbo consensus and market-based parallelization, positions Sei as a leading choice for developers and users seeking a fast, secure, and scalable blockchain platform for digital asset transactions.

Sei Network

How Does Sei Work?

Sei employs a sophisticated architecture that leverages both consensus and execution layers, enhancing its blockchain operations with speed and scalability. The core of Sei's functionality is based on advanced parallel processing and storage optimization, alongside seamless support for multiple execution environments.

Key Features:

  • Optimistic Parallelization: Executes transactions in parallel, managing conflicts efficiently to maintain chain integrity and high throughput.
  • SeiDB: Optimizes storage with a two-layer interface, featuring the State Store for rapid key-value pair access, enhancing query response efficiency.
  • Interoperability: Enables smooth interactions between different components of Sei (e.g., CosmWasm and EVM transactions), facilitating full utilization of chain features such as native tokens and staking.

These strategic implementations underscore Sei's approach to creating a scalable, developer-friendly blockchain infrastructure, aiming for a seamless integration within the blockchain ecosystem.

Sei’s Optimistic Parallel EVM Work

What is Sei V2?

Sei V2 is anticipated for release by the end of H1 2024, integrating a fully parallelized Ethereum Virtual Machine (EVM) for backward compatibility with Ethereum contracts, necessitating no code changes for migration. This update supports Ethereum's developer tools and ecosystem for straightforward adoption.

Key advancements include optimistic parallelization for simplified state dependency handling and enhanced transaction capacity, alongside SeiDB, an optimized storage layer to mitigate state bloat and enhance performance. These improvements distinctively advance Sei V2 over its predecessor, focusing on speed, scalability, and ease of development.

Sei Tokenomics

The Sei blockchain uses the SEI token, which plays several critical roles in the network's ecosystem. These roles facilitate network operations, incentivize participation, and support the platform's governance. Here's an overview of the key aspects of SEI tokenomics:

  • Network Fees: SEI tokens are used for transaction fees on the Sei blockchain.
  • DPoS Validator Staking: Token holders can stake SEI tokens for network security and governance participation.
  • Governance: SEI holders have governance rights, influencing the protocol's future.
  • Native Collateral: SEI serves as collateral for applications on the Sei blockchain.
  • Fee Markets: Users can pay validators tips in SEI to prioritize transactions.
  • Trading Fees: SEI can be used for fees on Sei-based exchanges.

Regarding the supply distribution, the total supply of SEI tokens is capped at 10 billion. The allocation is structured to prioritize community involvement and ecosystem development:

  • Ecosystem Reserve (48%): For staking rewards and supporting network contributors.
  • Sei Airdrops and Incentives (3%): Aimed at distributing SEI to active community members.
  • Foundation Treasury (9%): Funds the ongoing operations of the Sei Foundation.
  • Launchpool (3%): Supports new projects on the Sei blockchain.

This tokenomics structure promotes the Sei ecosystem's stability and growth, encouraging active participation and a community-driven approach to development and governance.

Who Founded Sei?

Sei Network was co-founded in 2022 by Dan Edlebeck and Jayendra Jog. Dan Edlebeck, as the Head of Ecosystem at Sei Labs, brings a rich background in business development, marketing, and operations, with a focus on leveraging blockchain technology for impactful goals. He is also known for his entrepreneurial ventures, including founding Deedle Connects and co-founding Exidio.

Jayendra Jog, a co-founder at Sei Labs, has a strong tech background with previous roles at Robinhood, contributing significantly to their software engineering projects. His expertise has been instrumental in developing Sei's technical infrastructure and strategy.

Bottom Line

Sei Network stands at the forefront of blockchain innovation, poised for its V2 upgrade to enhance digital asset exchanges across DeFi, gaming, and NFTs. The introduction of a fully parallelized EVM and the SeiDB storage solution in V2 signals Sei's commitment to scalability and interoperability. Under the guidance of co-founders Dan Edlebeck and Jayendra Jog, Sei's advancements underscore a strategic focus on community-driven development and governance.

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